Forms 1094 and 1095: Complying With Mandatory ACA Healthcare Coverage Reporting Requirements of IRC 6055 and 6056

The ACA’s reporting provisions require employers to file informational returns with the IRS and annual statements to employees in early 2017. Even though the employer mandate only applies to “applicable large employers,” both large and small employers have reporting requirements. Further complicating matters is that the transition relief the IRS offered for the 2015 tax year is now expired.

The expiration of the temporary transition measures means that more employers are required to verify that employees have qualifying health coverage. Eligible employers also face earlier deadlines for providing coverage forms to employees than in 2016. Businesses with filing requirements must meet these new compliance requirements or face stiff penalties.

Listen as our authoritative panel of ACA experts discusses planning techniques to ensure employer compliance with the ACA’s new 2016 information reporting requirements. The panel will offer guidelines for both applicable large employers as well as small employers who are not subject to the employer mandate but may still have reporting obligations, and will outline the steps employers should take now to prepare to comply and avoid penalties.

1. IRC 6055 and 6056 reporting requirements
2. Forms to be furnished to employees
3. Forms to be reported to the IRS
4. Examples and illustrations of completed Forms 1094-B, 1095-B, 1094-C and 1095-C

The panel will offer guidance on these and other key issues:

• Responsibility for IRS ACA-related reporting
• Reporting requirements for employers that are part of a “controlled group”
• What to report and who should receive reports
• Forms required to be completed and deadlines
• Impact of expiration of “transition relief” for smaller employers

Learning Objectives

After completing this course, you will be able to:

• Identify employers that have filing requirements in 2017
• Recognize the new filing deadlines for tax year 2017
• Discern what information needs to be reported on Forms 1094 and 1095

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of corporate or partnership structures, including attribution rules and consolidated entity filing; specific knowledge of information reporting to employees. Familiarity with ACA health care coverage requirements.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).